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Auction volumes lower with 1600 properties taken to auction, returning a stronger preliminary clearance rate of 72.4 percent

The number of homes taken to auction across the capital cities has fallen for the 4th week in a row, with just 1,612 auctions held this week, down from 1,766 last week, although higher than this time last year when 1,391 properties went under the hammer.

National auction clearance results for the week ending 16/07/2017 courtesy of CoreLogic

The combined capital city preliminary clearance rate increased to 72.4 percent this week, up from the final clearance rate of 68.4 percent last week, although this will revise as more results are collected. The final clearance rate has nudged slightly higher over the last two weeks after reaching a year to date low of 66.5 percent; it will be interesting to see if this is still the case on Thursday when the final figures are released. Adelaide and Brisbane were the only cities to see a slight increase in auction volumes this week, while Melbourne had the highest number of auctions scheduled (753). In terms of preliminary clearance rates, Melbourne was the best performing city with 77.4 percent of the 667 results recording a successful result, and although this result will revise lower as the final results are collected, it is likely to be stronger than what we have seen in Melbourne over the last month.

Across Melbourne, 77.4 percent of the 667 reported auctions sold this week. There were 753 auctions held across the city this week, falling from 818 last week when the final clearance rate was 72.9 percent, but higher than one year ago when 667 homes went to auction and a clearance rate of 76.1 percent was recorded. The West region of Melbourne had the highest number of auctions this week (138), with a preliminary clearance rate of 68.8 percent. Meanwhile, the strongest clearance rate was recorded across the Outer East, with 90.9 percent of the 55 reported auctions clearing, followed by the South East region with a clearance rate of 86.2 percent.

In Sydney, 600 properties were taken to auction this week with a preliminary clearance rate of 72.9 percent, increasing from last week, when the final clearance rate for the city was 68.6 percent across 656 auctions. One year ago, 470 Sydney homes were taken to auction and the clearance rate was 74.9 percent. Looking at the sub-regions of Sydney, the Baulkham Hills and Hawkesbury region recorded the strongest clearance rate of 94.1 percent across 21 auctions, followed by the Eastern Suburbs (84.2 percent), while the North Sydney and Hornsby region had the highest volume of auctions (84), and recorded a clearance rate of 76.9 percent.

There were 116 Brisbane homes taken to auction this week, with 87 results reported so far. The preliminary clearance rate for the city is 44.8 percent, down from 55.7 percent last week and lower than one year ago when 47.0 percent of the 120 properties taken to auction were successful. Across the Gold Coast, 14 results have been reported so far, with a success rate of 64.3 percent.

This week, Adelaide saw a preliminary clearance rate of 75.0 percent, with 36 reported results across a total of 65 scheduled auctions. In comparison, over the previous week, Adelaide’s clearance rate was 59.6 percent and 54.7 percent one year ago.

There were 33 Perth auctions this week and so far, 18 results have been reported, with 44.4 percent selling. Last week 36.4 percent of the 22 reported auctions were successful.

Canberra’s preliminary auction clearance rate of 72.7 percent across 39 auctions is higher than both last week, when the final auction clearance rate was 62.7 percent, and last year (63.3 percent).

Tasmania saw 6 auctions take place this week and 5 results have been reported so far, with 3 sales.

Preliminary clearance rates in each state courtesy of CoreLogic (as at 9am EST 16/07/2017):

  • Sydney – 72.9% clearance, 600 total auctions, 487 results reported, 355 cleared, 132 uncleared
  • Melbourne – 77.4% clearance, 753 total auctions, 667 results reported, 516 cleared, 151 uncleared
  • Brisbane – 44.8% clearance, 116 total auctions, 87 results reported, 39 cleared, 48 uncleared
  • Adelaide – 75% clearance, 65 total auctions, 36 results reported, 27 cleared, 9 uncleared
  • Perth – 44.4% clearance, 33 total auctions, 18 results reported, 8 cleared, 10 uncleared
  • Tasmania – 60% clearance, 6 total auctions, 5 results reported, 3 cleared, 2 uncleared
  • Canberra – 72.7% clearance, 39 total auctions, 22 results reported, 16 cleared, 6 uncleared
    Combined national preliminary result – 72.9% clearance, 1612 total auctions (1322 reported, 964 cleared). Weighted Average 72.4%

Last week’s preliminary results as reported are here

 

The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects between 85% and 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.

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